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Old 10-28-2014, 01:55 PM
 
20 posts, read 393,794 times
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Looking to purchase my first home. I checked the fair market value on the home and it's at $101,750. The home was just listed yesterday with an asking price of $119,900. What is the relationship between the fair market value of a home and the sellers asking price? Is it normal to ask nearly 20% more of the fair market value?
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Old 10-28-2014, 02:11 PM
 
Location: Texas
1,029 posts, read 1,482,774 times
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How did you determine the fair market value?

The best way to do that is to have a realtor show you comps in the area.

Zillow is a guess. The local tax appraisal district may vary on how close to FMV the assessment is.
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Old 10-28-2014, 02:43 PM
 
Location: Howard County, Maryland
1,539 posts, read 2,294,278 times
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Your realtor will help you come up with a market price by looking at recently sold comparable homes. The "zestimate" is crap, honestly. If you and your realtor determine that the house is worth X, then offer something close to that number. Some sellers do pull numbers out of the air, despite better advice. There is not necessarily any relationship between what a home is listed for and what its worth; but a reasonable seller and a capable realtor should be in the right ballpark.
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Old 10-28-2014, 02:58 PM
 
8,544 posts, read 12,314,446 times
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Quote:
Originally Posted by zatro View Post
Looking to purchase my first home. I checked the fair market value on the home and it's at $101,750.
Please clarify. How did you determine the "fair market value"?
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Old 10-28-2014, 06:43 PM
 
Location: Port Charlotte
3,930 posts, read 6,413,287 times
Reputation: 3457
Sounds like a 'Zestimate' which is very iffy in some markets, and absolute worthless in others. Doesn't take condition, etc into consideration.

The OP is showing a lower 'estimate' than asking price. As an appraiser what I absolutely hate is when the 'Zestimate' is way over the market and I am having to explain why my appraisal is often tens of thousands less, and the borrower just doesn't understand that there is no relationship between the market and his data.
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